Two-step system GMM for IQ and FP
| Two-step system GMM | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | Model 12 | Model 13 | Model 14 | Model 15 | Model 16 | Model 17 | ||||||
| EVA | Tobin’s Q | |||||||||||
| Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | |
| Political stability | −4.749 | (10.665) | −0.021 | (0.036) | ||||||||
| Rule of law | 3.706** | (1.550) | 0.095* | (0.050) | ||||||||
| Control of corruption | 4.012** | (1.813) | 0.102* | (0.057) | ||||||||
| Beta | −77.374 | (111.123) | −149.187*** | (54.474) | −166.144*** | (61.720) | −2.743** | (1.133) | −4.699** | (1.984) | −5.072** | (2.137) |
| Leverage | −7.666 | (22.325) | −5.427 | (8.963) | −6.886 | (9.709) | −0.113 | (0.200) | −0.107 | (0.346) | −0.154 | (0.348) |
| Firm size | −20.012 | (17.718) | −4.786 | (5.673) | −2.684 | (6.638) | −0.310*** | (0.102) | −0.003 | (0.141) | 0.049 | (0.169) |
| Eco growth | 13.871 | (32.806) | −6.657* | (3.885) | −6.140 | (3.888) | 0.072 | (0.072) | −0.279** | (0.132) | −0.263** | (0.127) |
| GDP per capita | −0.000 | (0.001) | −0.001* | (0.000) | −0.001* | (0.001) | −0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) |
| Inflation | −152.712 | (307.169) | 33.734 | (28.169) | 31.625 | (28.908) | −1.293** | (0.524) | 1.646* | (0.944) | 1.580* | (0.944) |
| Arellano–Bond: AR2 | 0.521 | 0.129 | 0.133 | 0.220 | 0.400 | 0.408 | ||||||
| Sargan test p value | 0.241 | 0.559 | 0.597 | 0.454 | 0.676 | 0.670 | ||||||
| Observations | 3,975 | 3,180 | 3,975 | |||||||||
| Two-step system GMM | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | Model 12 | Model 13 | Model 14 | Model 15 | Model 16 | Model 17 | ||||||
| EVA | Tobin’s Q | |||||||||||
| Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | Coeff | SE | |
| Political stability | −4.749 | (10.665) | −0.021 | (0.036) | ||||||||
| Rule of law | 3.706 | (1.550) | 0.095 | (0.050) | ||||||||
| Control of corruption | 4.012 | (1.813) | 0.102 | (0.057) | ||||||||
| Beta | −77.374 | (111.123) | −149.187 | (54.474) | −166.144 | (61.720) | −2.743 | (1.133) | −4.699 | (1.984) | −5.072 | (2.137) |
| Leverage | −7.666 | (22.325) | −5.427 | (8.963) | −6.886 | (9.709) | −0.113 | (0.200) | −0.107 | (0.346) | −0.154 | (0.348) |
| Firm size | −20.012 | (17.718) | −4.786 | (5.673) | −2.684 | (6.638) | −0.310 | (0.102) | −0.003 | (0.141) | 0.049 | (0.169) |
| Eco growth | 13.871 | (32.806) | −6.657 | (3.885) | −6.140 | (3.888) | 0.072 | (0.072) | −0.279 | (0.132) | −0.263 | (0.127) |
| GDP per capita | −0.000 | (0.001) | −0.001 | (0.000) | −0.001 | (0.001) | −0.000 | (0.000) | 0.000 | (0.000) | 0.000 | (0.000) |
| Inflation | −152.712 | (307.169) | 33.734 | (28.169) | 31.625 | (28.908) | −1.293 | (0.524) | 1.646 | (0.944) | 1.580 | (0.944) |
| Arellano–Bond: AR2 | 0.521 | 0.129 | 0.133 | 0.220 | 0.400 | 0.408 | ||||||
| Sargan test | 0.241 | 0.559 | 0.597 | 0.454 | 0.676 | 0.670 | ||||||
| Observations | 3,975 | 3,180 | 3,975 | |||||||||
Notes:
Standard errors in parentheses; ***p < 0.01; **p < 0.05; *p < 0.1; Constant is included (not reported for brevity)
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